Buying a home can be stressful at the best of times. When you’re working as a police officer, you might find that the demands of your job make it even more difficult to stay on track with buying a home. We believe that the people who work hard to protect other should be rewarded with an easy route to securing a mortgage.
You may be wondering what mortgages for police officers are exactly. In reality, mortgages for police officers are exactly the same as any other mortgage. However, there are ways you can squeeze even more value from your mortgage when you are in the police force.
While you might be applying for a normal mortgage product, it helps to work with a mortgage advisor who understands the work you do and how you get paid. Rather than heading straight to the high street lenders, we can help put you in contact with the best brokers for your situation.
Mortgages for trainee police officers
Since trainee police officers get paid during their 12 week training, you should be able to secure a mortgage while you are training. However, this might already be a busy and stressful time for you. Instead of going through the full application process, another option would be to apply for a mortgage in principle. This is a written agreement from the bank that they would be willing to lend you x amount, provided you pass the rest of the checks at a later date. This allows you to start house hunting with a budget in mind.
An alternative for those looking to get on the property ladder faster is a guarantor mortgage. This will involve asking a friend or family member to co-sign on your mortgage. They will not own any of your property and they will not be listed on the title deed. However, they agree to make payments if you are unable to do so.
Mortgages for newly qualified police officers
Once you have qualified as a police officer and are completing your two year probationary period, you will be eligible to apply for a mortgage. Lenders will look kindly on police officers as this is a stable career with good opportunities for progression. You should still make the most of any scheme available to you. Especially those for first time buyers as this can make the process much more manageable. The government help to buy scheme will help to boost your deposit, meaning that you could get better rates by applying for a smaller LTV.
Mortgages for police community support officers
If you are working as a community support officer, you will not have any income from this line of work. However, as this is a voluntary part time role, you should have another source of income. This income will be assessed as part of your mortgage application.
The good news is that community support officers who have passed their 6-month probationary period have access to something known as a key workers mortgage. This scheme is designed to make it easier for key civil service employees to access affordable housing.
Mortgages for police officers with bad credit
If you have poor credit and you want to buy a house, don’t let this hold you back. While all mortgage providers will want to see your credit score, this isn’t the whole picture. They will also look at your current earnings, outgoings, job stability, affordability of the loan and your deposit. Since you work for the police force, you will be considered to have a very stable job. Provided you have a good sized deposit and your loan is affordable, you should be able to secure a mortgage if you approach the right lender.
Remortgaging for police officers
If you are looking to remortgage, you should have no trouble doing so while working for the police force. Most people remortgage because they want to get a better deal, so it’s important to shop around. We can help put you in contact with the best lenders for your unique circumstances. This could help you to save money in the long run.
Buy to let mortgages for police officers
Many police officers diversify their income by investing in buy to let properties. This might help to supplement your income or it could be a plan for retirement income. Police officers should have no problem securing a buy to let mortgage if they have the funding in place. However, it’s worth noting that you will not be able to make use of any government schemes for a buy to let property. You will also typically need a bigger deposit for a buy to let property. This could be as high as 40% or as low as 20% depending on the lender.
How can Niche Mortgage Info help?
We help police officers to get on the property ladder in a number of ways. We can put you in contact with the best mortgage brokers for your needs. Rather than limiting your search or missing out on the best deals, we can help you navigate the mortgage process with ease.
We can also help by offering advice on your mortgage application. If you aren’t sure if you’re ready to put in an application, we can help. We’ll look at things like your credit score, deposit and employment history and make sure you are representing yourself in the best possible want to lenders.
And finally, our website is a treasure trove of advice for mortgage hunters. We want everyone to be informed and empowered throughout the application process. On this website, you’ll find plenty of information about the mortgage process and how to increase your chances of getting accepted, even if you have bad credit, you’re just started a new job, or you have a small deposit.
If you’re ready to start the home buying process with Niche Mortgage Info, get in touch using the link below.